Based on the following data, estimate the cost of ending merchandise inventory: Sales (net) $4,800,000 Estimated gross
Question:
Sales (net) $4,800,000
Estimated gross profit rate 40%
Beginning merchandise inventory $ 250,000
Purchases (net) 2,900,000
Merchandise available for sale $3,150,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
Cost of ending merchandise inventory 270000 Merchandise Inventory Beginning o...View the full answer
Answered By
Nazrin Ziad
I am a post graduate in Zoology with specialization in Entomology.I also have a Bachelor degree in Education.I posess more than 10 years of teaching as well as tutoring experience.I have done a project on histopathological analysis on alcohol treated liver of Albino Mice.
I can deal with every field under Biology from basic to advanced level.I can also guide you for your project works related to biological subjects other than tutoring.You can also seek my help for cracking competitive exams with biology as one of the subjects.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Accounting questions
-
t. Which of the following is true? Select all that apply. True False Researching the query on the web will help you urderstand the meaning of most queries, as well as user intent. True False Results...
-
Based on the following information, compute cash flows from investing activities. Cash collections from customers .. $550 Sale of used equipment ...... 250 Depreciation expense ....... 200 Purchase...
-
Based on the following information, compute cash flows from financing activities. Purchase of short-term investments ..... $500 Dividends paid .............. 900 Interest paid .............. 300...
-
Problem 3.3 Minimize the functional J(x()) = f sx (s) x (s) ds, = 1 sr (s) i (s) ds, 0 subject to the endpoint conditions x (0) = 0 and x (1) = 1.
-
Trena Thompson invested $2,000 in a financial institution on January 1, 2017. She leaves her investment in the institution until December 31, 2021. How much money does Trena accumulate if she earns...
-
Apple iWatch Analyze how Apple, a leading electronics brand, has been strategic with their marketing plans for the iWatch. What is the strategic role of business - level managers at Apple responsible...
-
Extend the analysis of the laminar-flow reactor for a power-law fluid. Perform some computations using the PDEPE solver, and show how the power-law index affects the conversion in the reactor.
-
United Furniture buys reclining rocking chairs at $550 less 40% and 10%. The price is marked up to allow for overhead of 50% of cost and profit of 35% of cost. The unit on display in the store...
-
Create a statement of cash flow for the current year using Wright Co's income statement and balance sheet. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Income...
-
Sweet Tooth Candy Company sells candy boxes for local fundraisinggroups. Here are the actual and budgeted results for a local fundraiser: Sweet Tooth Candy Company Data Actual number of boxes sold...
-
The merchandise inventory was destroyed by fire on October 11. The following data were obtained from the accounting records: Jan. 1 Merchandise inventory $ 260,000 Jan. 1Oct. 11 Purchases (net)...
-
Based on the following data, estimate the cost of ending merchandise inventory: Sales (net) $1,500,000 Estimated gross profit rate 38% Beginning merchandise inventory $ 80,000 Purchases (net) 948,000...
-
Contrast the bureaucratic and matrix forms of organizational structure.
-
How does the present value of a future payment change as the time to receipt is lengthened? As the interest rate increases?
-
Assume the same facts as in Problem 31, except that in January 2019, because of a cost-of-living increase, Don's annuity payment was increased to $ 175 $ 175 per month. Determine the amount of the...
-
Why does an annuity due have a higher present value than a similar ordinary annuity?
-
Calculate the exemption amount for the following cases for 2018 for a single taxpayer, married taxpayer filing jointly, and a married taxpayer filing separately when AMTI is \(\$ 800,000\).
-
Assume the same facts as in Problem 46, except that Mary Beth is a real estate agent. She works 1,000 hours per year as a real estate agent and 1,200 hours per year managing her office building. How...
-
Bessel filters are in the category of maximally flat filters similar to Butterworth but have a critically damped time-domain response similar to a First-Order Cascade filter. Bessel filters have a...
-
Describe the general ways that the revised Form 990, applicable for tax year 2008 and beyond, is different from previous versions.
-
What is full dollarization? How does it differ from a currency board? What is seigniorage?
-
The following data were taken from the records of Surfs Up Corporation for the year ended July 31, 2006: Retained earnings and balance sheet data: Accounts payable ...........................$ 9,500...
-
Theater Arts Company produces and sells theater costumes. The following transactions relate to certain securities acquired by Theater Arts Company, which has a fiscal year ending on December 31: 2006...
-
Danka, Inc., develops and leases databases of publicly available information. The following selected transactions relate to certain securities acquired as a long-term investment by Danka, Inc., whose...
-
Q1) Find expressions for the Revenue, Cost, and Profit from selling x thousand items. Item Price Variable Cost $8.00 3816x Fixed Cost $71,174
-
1. There are many market disruptions in the news today. (If you get stuck, on the last slide of the PowerPoint, I've given you 2 examples.) Choose any disruptor in the news and, (a) summarize the...
-
Discuss at least five of the formatting decisions you would have to make when typing a table. Compare the decisions you provided to those of two of your classmates. Do you agree or disagree with the...
Study smarter with the SolutionInn App